£1m share sale helps Tesco chief Higginson

The 53-year-old, who took home £2.7m in pay last year, also sits on the board of BSkyB - a job he could lose if Rupert Murdoch's News Corp manages to succeed in its proposed £8bn buyout of the broadcaster.

Higginson was finance director for the supermarket giant for 11 years before taking on his current role.

He had been mooted to take the top job, replacing Terry Leahy who will step down next year, but lost out to Philip Clarke.

This is a crucial time for Tesco in the run-up to the festive period, when it will be seeking to trounce rivals Morrisons, Asda and Sainsbury.

Analysts fear January's VAT rise from 17.5% to 20% could hit sales in the New Year.